He brought Formula 1 to Singapore: who is the tycoon accused of corruption in "historic" investigation
10/06/2024 02:02 PM
Thanks to him, Formula 1 returned to Singapore after the pandemic. However, he is now at the center of an investigation that has accused him of corruption.
A local court has charged a billionaire in the real estate sector with obstructing justice and aiding the crimes committed by a former transport minister. The latter was incarcerated the day before as part of a major corruption case within the government of the city-state.
His name is Ong Beng Seng, a 78-year-old owner of Hotel Properties Ltd and holder of the rights for the F1 Grand Prix in Singapore. According to Reuters, he has been implicated in a case of aiding former minister S. Iswaran, who on Thursday, October 3, became the first former government member to be jailed in Singapore.
The case is shaking the city-state, which has been fighting against corruption for years. Subramaniam Iswaran will serve 12 months for obstructing justice and for having received gifts worth over $300,000 from tycoon Ong.
The billionaire’s lawyers have not responded to the allegations. However, his company, Hotel Properties, listed in Singapore, requested a trading suspension as soon as the news broke.
Among the gifts Ong gave to Subramaniam Iswaran were tickets to English Premier League football matches, F1 Grand Prix tickets, a London musical, and a private jet ride to Doha. Judge Vincent Hoong, who presided over Iswaran's case, stated that the minister had requested to be charged in order to obstruct the course of justice and evade investigations. According to Channel NewsAsia, Ong's hearing has been postponed to November 15.
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